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The “Heaviest” European Currency Is to Disappear

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Travel Articles >> Locations >> Asia >> Cyprus

The 31st of January was the last day of parallel circulation of the Cypriot pound, one of the “heaviest” EU currencies, and Euro that came to take its place on 1 January, 2008.

The Cypriot pound appeared as a national currency in 1878. Up to 1960, when declaration of independence of the Republic of Cypress took place, it was equal to the British pound. Up to 1960 the Cypriot pound was divided into smaller coins – kurus, just like the Turkish lira. After that the decimal system was introduced, and the pound was divided into 1000 mille (“thousandths”) and into 100 cents in 1983.

Starting with September of 2007, all prices in the south of Cypress had been indicated both in pounds and in Euro. Starting with 1 January, 2008, the common European currency was put in circulation in the Republic of Cyprus. According to the fixed rate, 1 Cypress pound costs 1.71 Euro.

During the January of 2008, local citizens and tourist could easily pay with Cypress pounds and get their exchange in the new currency. They shall be able to exchange the old currency in all local banks till 30 June, 2008. In addition, the Central Bank of Cypress shall accept pound coins till 31 December, 2009 and banknotes – till 31 December, 2017.

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Article Submitted On: January 31, 2008